According to the report, Buenrostro was charged with conspiracy
to commit fraud, conspiracy to obstruct justice and making false
statements to the feds.

Former CalPERS board member Alfred Villalobos was also charged,
the report said.

According to Bloomberg News, U.S. Attorney Melinda Haag in
San Francisco alleges that Villalobos, the founder of Arvco
Capital Research, acted as a placement agent to help private
equity firm Apollo get investments from CalPERS.

The pair are accused of allegedly sending falsified
investor disclosure letters to Apollo in 2008
and 2009 so the private equity firm would pay fees for securing
the investments, the report said.

Buenrostro was the CEO of the California Public Employees'
Retirement System from 2002 to 2008, according to Bloomberg.